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timama [110]
3 years ago
8

a process cost system, the cost of completed production in Department A is transferred to Department B by which of the following

entries? a. debit Finished Goods—Dept. A; credit Work in Process—Dept. B b. debit Work in Process—Dept. B; credit Work in Process—Dept. A c. debit Work in Process—Dept. B; credit Finished Goods—Dept. A d. debit Work in Process—Dept. B; credit Cost of Goods Sold—Dept. A
Business
1 answer:
oee [108]3 years ago
4 0

Answer:

C. Debit Work in Process—Dept. B; credit Finished Goods—Dept. A

Explanation:

It is known that during continuous production, businesses find it difficult to isolate each individual unit and calculate a cost. Process costing systems accumulate the materials, labor and overhead costs for the period along with the total number of units produced. The total number of units produced includes both completed units and partially completed units. The company determines the percentage of completion for each partially completed unit and adds these amounts to the total number of completed units to determine the equivalent units.

You might be interested in
Consolidated financial statements are prepared when a parent-subsidiary relationship exists in recognition of the accounting con
soldier1979 [14.2K]

Answer:

The correct answer is letter "B": Entity.

Explanation:

The Accounting Entity principle or Economic Entity principle states that a commonly co-owned group of businesses can entitle to be a single entity with the purpose to generate a consolidated financial statement. A business entity could be considered to be a sole proprietorship, partnership, or corporation.

6 0
3 years ago
Bozeman sold equipment that it uses in its business for $80,000. Bozeman bought the equipment two years ago for $75,000 and has
Ad libitum [116K]

Answer:

Option (D) is correct.

Explanation:

Selling amount of equipment = $80,000

Purchasing price 2 years ago = $75,000

Depreciation expense = $20,000

Gain(Loss) = Cash proceeds - Book value

                  = $80,000 - ($75,000 - $20,000)

                  = $80,000 - $55,000

Capital gain = $25,000

Therefore, the amount and character of Bozeman's gain is $25,000.

3 0
3 years ago
Assume that three identical units are purchased separately on the following three dates and at the respective costs:________. Ju
krek1111 [17]

Answer:

Under last in, first out (LIFO) inventory method, the units purchased last are used to determine the cost of goods sold. This doesn't mean that exactly the last units purchased will be sold first, it is just used as an accounting tool.

In this case, the last unit purchased costed $20, and the immediately previous one costed $15. Under LIFO, these 2 units would have been sold (COGS = $35), and the ending inventory = $10 (the price of the "oldest" unit).

7 0
3 years ago
On January 1, Concord Corporation issued $4300000, 9% bonds for $3995000. The market rate of interest for these bonds is 10%. In
Serga [27]

Answer:

The correct option is D,$292,500

Explanation:

The unamortized bond discount is the balance of the bond discount left at the end of first year when that year portion of bond discount has been amortized.

In order to ascertain the balance of the unamortized bond discount,we prepare the bond schedule showing how much was amortized in the year as follows:

Bal b/f                 interest expense at10%   coupon payment 9%           Bal c/f

$3,995,000         $399,500                         $387,000                     $4,007,500

The amortized interest is the difference between the interest expense based on the cash proceeds and the coupon payment calculated on the face value of $4.3 million

amortized discount=$399,500-$387,000=$12,500

Total bond discount=$4,300,000-$3,995,000=$305,000

unamortized discount=$305,000-$12,500=$292,500

                           

3 0
3 years ago
When a provider signs a contract to be a participating provider with an insurance payer they are agreeing to:
Lesechka [4]

Answer:

Accept the fee schedules set by the insurance company.

Explanation:

A participating provider is defines as one who has entered into a written agreement with an insurance company to provide a given range of Medicare Part B services on an assigned basis.

Usually various fees are scheduled for each of the services provided.

The discount on services in this instance is not much and they are always obligated to provide service.

On the other hand preferred provider is one who provides services at a discount.

6 0
2 years ago
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